Getting the right AI initiatives funded quickly to take advantage of the astounding potential of this technology seems obvious, but it presents a new set of obstacles. The technology itself, while breathtaking, isn't always enough to ensure success.
The basic questions that need answering before the purse strings open haven't changed: Do you have the correct use cases that will not only deliver benefits but ensure your organization—people, processes and technology—emerge from this deployment smarter and better equipped to embrace AI? Have you measured the end-to-end costs, benefits and cumulative ROI over a reasonable timeline? Have you mapped out the risks, and do you have a plan to contain...
Let's take a closer look at how to measure the ROI of AI in a new way, accounting for differences in speed, accuracy and the need to collapse and smooth processes in completely new ways. What most people are still amazed by is the magnitude of change. AI brings analysis that's levels of magnitude faster—10, 20 or 50 times faster than a human being. Yes, there are human-in-the-loop reviews, but the data is profoundly more accurate and can be highly comprehensive in its analysis.
Let's illustrate what's new and what's not when considering the ROI of AI with a common use case all organizations share—compliance assessments.First, you'll need to get all stakeholders on board to clearly understand at what points in the process they can leverage AI. Further, IT needs to determine how affected systems can handle the new inputs and outputs, and finance needs to take a realistic look at the costs and benefits across your organization.
It's electrifying when the penny drops and the wheels start turning with stakeholders, as they consider the art of the impossible. It's the opportunity of the decade.